Economy of Taiwan

Taiwan, formally the Republic of China, is a state located in the Eastern Asia region. Taipei is the capital of Taiwan and it is connected with People's Republic of China in the western region, Japan to east and Philippines to the southern region of country. The estimated GDP of Taiwan in terms of purchasing power parity (PPP) is $926.4 billion as of 2013 which is the twenty-first largest when compared to the rest of the countries. It has a vibrant industrial economy with progressively declining administration leadership of investment and foreign trade. The industrial sector of the country has been helping Taiwan to maintain a strong and stable economic condition. The increasing volume of exports has provided the major impulse for economic development. People of Taiwan are very dedicated and hardworking and are involved in various industries, such as electronics, communications, petroleum products, food processing products, automobiles and pharmaceuticals. Despite holding firm economic conditions, the problems like low birth rate, swiftly aging population and other major long-term challenges are some of the challenges that Taiwan has to face. They have a calendar year system for handling the annual fiscal affairs of the country.

Imports of Taiwan

Taiwan lies at 19th stop in the list of largest import countries all across the globe with an estimated import value of $268.5 billion as of 2013. The major import commodities of country include electronics, machinery, crude petroleum, precision instruments, organic, chemicals, metals and so many others. Japan, China and United States of America are the major import partners of country.

Exports of Taiwan

The estimated export value of Taiwan is $305.8 billion as of 2013, which is the twenty-fifth largest when compared to the rest of the countries. Taiwan exports high percentage of electronics, flat panels, machinery, metals, textiles, plastics and medical instrument to various countries all around the world. The predominant export partners of Taiwan include China, Hong Kong, United States of America and Singapore.